QUICK MONEY! ANYONE?

Is there really such huge returns for your peso?

 

Recent news of Aman Futures and Coco Rasuman scams have been hugging the headlines lately. Amounts totalling billions and thousand of Filipinos duped into this recent get rich-quick scheme. While much has been said, I'd like to still start with the basic money mantra I always advise my clients,"If it's too good to be true, it is not true!". 

I was able to caution few of my friends and clients on this 2 scams (yes I was actually "touched" by these scams). While some heed the advice, most did not. As with other investors, they cite the need to change their lives as the primary factor in aspiring for higher returns for their peso. (They sure changed - from poor to poorer!.) Once they've started earning, they re-invest the principal and earnings, all in,  for bigger profits. And the cycle goes until the scheme reaches its break off point. What is the driving force here? From "wanting to change life" goal into " want to have it all" goal.  Greed blinds reason. It would have been a different story if one is able to bolt out in time, which comes to mind only when you understand how investing is or how money works.

The level of financial literacy we Filipinos have is reflected on the volume achieved by the scam operators. And why pick on provinces as their site of operation? Because these schemes are usually uncovered only  when the payors fail their obligations (checks started to bounce boink!), and the farther they are from the financial mainstream operators the less risk of exposure. Filipinos are naturally forgiving and patient specie which can be a plus and a minus at times. (thanks to 100 yrs of Spanish rule that polished our malleability to perfection). Getting scammed can have you scarred for life but it does not end here.  You can start building again and make sure you lay good foundation to your road to financial wellness. Ask. Study. Learn. Practice. It's the only way to go. Scammed as you are, you can make it a stepping stone into achieving the life you want to have. It's a slow process but you'll surely get there.

We learn our lessons now, until the next ten years or so when all is forgotten, the Ponzi minds strike again. Remember Baladjay? 

My fellow Pinoys, don't let your guard down EVER!

====

Pera Eskwela (Money School) is my personal advocacy on financial awareness and literacy for Filipinos. Watch out for talk schedules' announcements.

Next one is Dec 11, 2012